Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

Share Name	Share Symbol	Market	Type
ZIM Integrated Shipping Services Ltd	NYSE:ZIM	NYSE	Common Stock

	Price Change	% Change	Share Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	-0.46	-1.82%	24.85	25.385	24.63	25.27	4,639,882	00:55:59

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF THE

SECURITIES EXCHANGE ACT OF 1934

For the month of August, 2024

Commission File Number: 001-39937

ZIM Integrated Shipping Services Ltd.

(Exact Name of Registrant as Specified in Its Charter)

9 Andrei Sakharov Street

P.O. Box 15067

Matam, Haifa 3190500, Israel

+972 (4) 865-2000

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes ☐ No ☒

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes ☐ No ☒

On August 19, 2024, ZIM Integrated Shipping Services Ltd. (the “Company”) issued a press release announcing its consolidated results for the three and six months ended on June 30, 2024. A copy of this press release and the Company’s condensed consolidated unaudited interim financial statements for the period ended on June 30, 2024 are attached herewith as Exhibit 99.1 and Exhibit 99.2, respectively.

The information in this Form 6-K (including Exhibit 99.1 and Exhibit 99.2) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	ZIM INTEGRATED SHIPPING SERVICES LTD.

	By:	/s/ Noam Nativ
		Noam Nativ
		EVP General Counsel and Corporate Secretary

Date: August 19, 2024

EXHIBIT INDEX

EXHIBIT NO.		DESCRIPTION
99.1		Press Release dated August 19, 2024
99.2		Condensed consolidated unaudited interim financial statements for the period ended on June 30, 2024

Exhibit 99.1

ZIM Reports Financial Results for the Second Quarter of 2024;

Raising Full Year 2024 Guidance

Reported Revenues of $1.93 Billion, Net Income of $373 Million, Adjusted EBITDA¹

of $766 Million and Adjusted EBIT of $488 Million²; Achieved Adjusted EBITDA and

Adjusted EBIT Margins of 40% and 25%, Respectively

Achieved 11% Volume Growth with Record Carried Volume of 952 Thousand TEUs

Increased Full Year 2024 Guidance to Adjusted EBITDA of $2.6 Billion
to $3.0 Billion and Adjusted EBIT of $1.45 Billion to $1.85 Billion³

Declared Dividend of $112 million, or $0.93 per Share

Haifa, Israel, August 19, 2024 – ZIM Integrated Shipping Services Ltd. (NYSE: ZIM), (“ZIM” or the “Company”) a global container liner shipping company, announced today its consolidated results for the three and six months ended June 30, 2024.

Second Quarter 2024 Highlights

•	Net income for the second quarter was $373 million (compared to a net loss of $213 million in the second quarter of 2023), or diluted earnings per share of $3.08⁴ (compared to diluted loss per share of $1.79 in the second quarter of 2023).

•	Adjusted EBITDA¹ for the second quarter was $766 million, a year-over-year increase of 179%.

•	Operating income (EBIT) for the second quarter was $468 million, compared to operating loss of $168 million in the second quarter of 2023.

¹ See disclosure regarding “Use of Non-IFRS Financial Measures.”

² Operating income (EBIT) for the second quarter was $468 million. A reconciliation to Adjusted EBIT is provided in the tables below.

³ The Company does not provide IFRS guidance because it cannot be determined without unreasonable effort. See disclosure regarding “Use of Non-IFRS Measures in the Company’s 2024 Guidance.”

⁴ The number of shares used to calculate the diluted earnings per share is 120,456,342. The number of outstanding shares as of June 30, 2024 was 120,354,980.

•	Adjusted EBIT¹ for the second quarter was $488 million, compared to Adjusted EBIT loss of $147 million in the second quarter of 2023.

•	Total revenues for the second quarter were $1,933 million, a year-over-year increase of 48%.

•	Carried volume in the second quarter was 952 thousand TEUs, a year-over-year increase of 11%.

•	Average freight rate per TEU in the second quarter was $1,674, a year-over-year increase of 40%.

•	Net debt¹ of $3.25 billion as of June 30, 2024, compared to $2.31 billion as of December 31, 2023; net leverage ratio¹ of 2.0x at June 30, 2024, compared to 2.2x as of December 31, 2023.

Eli Glickman, ZIM President & CEO, stated, “We are pleased with our strong second quarter performance, highlighted by outstanding strategic execution that led to record high carried volume, representing 11% growth year-over-year. The steps we have taken to upscale our capacity and enhance our cost structure continued to drive strong financial results. We generated net income of $373 million, as we drew on our differentiated strategy and agility while capitalizing on sustained market strength. Aligned with our prioritization of returning capital to shareholders, we declared a dividend of $0.93 per share, or $112 million, representing 30% of second quarter net income.”

Mr. Glickman added, “During the quarter, we benefitted from ZIM’s strategic decision to increase the Company’s spot market exposure in the Transpacific trade. This has enabled us to capture significant upside in a rate environment that has been elevated for longer than anticipated. We expect our results in the second half of 2024 to be better than in the first half of the year, driven by continued supply pressure from the Red Sea crisis, combined with current favorable demand trends. As a result, we have significantly increased our full year 2024 guidance and today forecast full year Adjusted EBITDA between $2.6 billion and $3.0 billion and Adjusted EBIT between $1.45 billion and $1.85 billion.”

Mr. Glickman concluded, “While market fundamentals still signal supply growth significantly outpacing demand, we are confident that we have built a resilient business with a transformed fleet. By year's end, our ongoing newbuild program will be complete, as we receive delivery of the remaining eight out of 46 modern, fuel-efficient containerships that we secured, including 28 LNG-powered vessels. We are on track to achieve our double-digit volume growth target in 2024 and well positioned to drive profitable growth ahead.”

Summary of Key Financial and Operational Results

	Q2-24	Q2-23		H1-24	H1-23
Carried volume (K-TEUs)	952	860		1,799	1,629
Average freight rate ($/TEU)	1,674	1,193		1,569	1,286
Total revenues ($ in millions)	1,933	1,310		3,495	2,684
Operating income (loss) (EBIT) ($ in millions)	468	(168	)	635	(182	)
Profit (loss) before income tax ($ in millions)	375	(272	)	471	(337	)
Net income (loss) ($ in millions)	373	(213	)	465	(271	)
Adjusted EBITDA¹($ in millions)	766	275		1,193	648
Adjusted EBIT¹ ($ in millions)	488	(147	)	655	(160	)
Net income (loss) margin (%)	19	(16	)	13	(10	)
Adjusted EBITDA margin (%)	40	21		34	24
Adjusted EBIT margin (%)	25	(11	)	19	(6	)
Diluted earnings (loss) per share ($)	3.08	(1.79	)	3.83	(2.29	)
Net cash generated from operating activities ($ in millions)	777	347		1,103	520
Free cash flow¹ ($ in millions)	712	321		1,015	463

		JUN-30-24				DEC-31-23
Net debt¹ ($ in millions)			3,245				2,309

Financial and Operating Results for the Second Quarter Ended June 30, 2024

Total revenues were $1.93 billion for the second quarter of 2024, compared to $1.31 billion for the second quarter of 2023, mainly driven by the increase in freight rates and carried volume.

ZIM carried 952 thousand TEUs in the second quarter of 2024, compared to 860 thousand TEUs in the second quarter of 2023. The average freight rate per TEU was $1,674 for the second quarter of 2024, compared to $1,193 for the second quarter of 2023.

Operating income (EBIT) for the second quarter of 2024 was $468 million, compared to operating loss of $168 million for the second quarter of 2023. The increase was driven primarily by the above-mentioned increase in revenues.

Net income for the second quarter of 2024 was $373 million, compared to net loss of $213 million for the second quarter of 2023, also mainly driven by the above-mentioned increase in revenues.

Adjusted EBITDA for the second quarter of 2024 was $766 million, compared to $275 million for the second quarter of 2023. Adjusted EBIT was $488 million for the second quarter of 2024, compared to Adjusted EBIT loss of $147 million for the second quarter of 2023. Adjusted EBITDA and Adjusted EBIT margins for the second quarter of 2024 were 40% and 25%, respectively. This compares to 21% and -11% for the second quarter of 2023, respectively.

Net cash generated from operating activities was $777 million for the second quarter of 2024, compared to $347 million for the second quarter of 2023.

Financial and Operating Results for the Six Months Ended June 30, 2024

Total revenues were $3.49 billion for the first half of 2024, compared to $2.68 billion for the first half of 2023, primarily driven by both an increase in freight rates and carried volume.

ZIM carried 1,799 thousand TEUs in the first half of 2024, compared to 1,629 thousand TEUs in the first half of 2023. The average freight rate per TEU was $1,569 for the first half of 2024, compared to $1,286 for the first half of 2023.

Operating income (EBIT) for the first half of 2024 was $635 million, compared to operating loss of $182 million for the first half of 2023. The increase in operating income for the first half of 2024 was primarily driven by the above-mentioned increase in revenues.

Net income for the first half of 2024 was $465 million, compared to net loss of $271 million for the first half of 2023, also mainly driven by the above-mentioned increase in revenues.

Adjusted EBITDA was $1,193 million for the first half of 2024, compared to $648 million for the first half of 2023. Adjusted EBIT was $655 million for the first half of 2024, compared to Adjusted EBIT loss of $160 million for the first half of 2023. Adjusted EBITDA and Adjusted EBIT margins for the first half of 2024 were 34% and 19%, respectively. This compares to 24% and -6% for the first half of 2023.

Net cash generated from operating activities was $1,103 million for the first half of 2024, compared to $520 million for the first half of 2023.

Liquidity, Cash Flows and Capital Allocation

ZIM’s total cash position (which includes cash and cash equivalents and investments in bank deposits and other investment instruments) decreased by $351 million from $2.69 billion as of December 31, 2023 to $2.34 billion as of June 30, 2024. Capital expenditures totaled $66 million for the second quarter of 2024, compared to $26 million for the second quarter of 2023. Net debt position as of June 30, 2024 was $3.25 billion, compared to $2.31 billion, as of December 31, 2023, an increase of $936 million. ZIM's net leverage ratio as of June 30, 2024, was 2.0x, compared to 2.2x as of December 31, 2023.

Second Quarter 2024 Dividend

In accordance with the Company's dividend policy, the Company’s Board of Directors declared a cash dividend of approximately $112 million, or $0.93 per ordinary share, reflecting approximately 30% of second quarter 2024 net income. The dividend will be paid on September 5, 2024, to holders of ZIM ordinary shares as of August 29, 2024.

All future dividends are subject to the discretion of Company's Board of Directors and to the restrictions provided by Israeli law.

Use of Non-IFRS Measures in the Company’s 2024 Guidance

A reconciliation of the Company’s non-IFRS financial measures included in its full-year 2024 guidance to corresponding IFRS measures is not available on a forward-looking basis. In particular, the Company has not reconciled its Adjusted EBITDA and Adjusted EBIT because the various reconciling items between such non-IFRS financial measures and the corresponding IFRS measures cannot be determined without unreasonable effort due to the uncertainty regarding, and the potential variability of, the future costs and expenses for which the Company adjusts, the effect of which may be significant, and all of which are difficult to predict and are subject to frequent change.

Updated Full-Year 2024 Guidance

The Company increased its guidance for the full year of 2024 and now expects to generate Adjusted EBITDA between $2.6 billion and $3.0 billion and Adjusted EBIT between $1.45 billion and $1.85 billion. Previously, the Company expected to generate Adjusted EBITDA between $1.15 billion and $1.55 billion and Adjusted EBIT between zero and $400 million.

Conference Call Details

Management will host a conference call and webcast (along with a slide presentation) to review the results and provide a corporate update today at 8:00 AM ET.

To access the live conference call by telephone, please dial the following numbers: United States (toll free) +1-800-715-9871 or +1-646-307-1963; Israel +972-3-376-1144 or UK/international +44-20-3481-4247, and reference conference ID: 3054682 or the conference name. The call (and slide presentation) will be available via live webcast through ZIM’s website, located at the following link. Following the conclusion of the call, a replay of the conference call will be available on the Company's website.

About ZIM

Founded in Israel in 1945, ZIM (NYSE: ZIM) is a leading global container liner shipping company with established operations in more than 90 countries serving approximately 33,000 customers in over 300 ports worldwide. ZIM leverages digital strategies and a commitment to ESG values to provide customers innovative seaborne transportation and logistics services and exceptional customer experience. ZIM’s differentiated global-niche strategy, based on agile fleet management and deployment, covers major trade routes with a focus on select markets where the company holds competitive advantages. Additional information about ZIM is available at www.ZIM.com.

Forward-Looking Statements

The following information contains, or may be deemed to contain forward-looking statements (as defined in the U.S. Private Securities Litigation Reform Act of 1995). In some cases, you can identify these statements by forward-looking words such as “may,” “might,” “will,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or “continue,” the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties and assumptions about the Company, may include projections of the Company’s future financial results, its anticipated growth strategies and anticipated trends in its business. These statements are only predictions based on the Company’s current expectations and projections about future events or results. There are important factors that could cause the Company’s actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause such differences include, but are not limited to: market changes in freight, bunker, charter and other rates or prices (including as a result of the continued situation in the Red Sea), supply-demand fluctuations in the containerized shipping market, new legislation or regulation affecting the Company’s operations, new competition and changes in the competitive environment, our ability to achieve cost savings or expense reductions, the outcome of legal proceedings to which the Company is a party, global, regional and/or local political instability, including the ongoing war between Israel and Hamas, the increased tension between Israel and Iran and its proxies, in particular the ongoing hostilities between Israel and Hezbollah, inflation rate fluctuations, capital markets fluctuations and other risks and uncertainties detailed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission (SEC), including under the caption “Risk Factors” in its 2023 Annual Report filed with the SEC on March 13, 2024.

Although the Company believes the expectations reflected in the forward-looking statements contained herein are reasonable, it cannot guarantee future results, level of activity, performance or achievements. Moreover, neither the Company nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. The Company assumes no duty to update any of these forward-looking statements after the date hereof to conform its prior statements to actual results or revised expectations, except as otherwise required by law.

The Company prepares its financial statements in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB).

Use of Non-IFRS Financial Measures

The Company presents non-IFRS measures as additional performance measures as the Company believes that it enables the comparison of operating performance between periods on a consistent basis. These measures should not be considered in isolation, or as a substitute for operating income, any other performance measures, or cash flow data, which were prepared in accordance with Generally Accepted Accounting Principles as measures of profitability or liquidity. Please note that Adjusted EBITDA does not take into account debt service requirements or other commitments, including capital expenditures, and therefore, does not necessarily indicate the amounts that may be available for the Company's use. In addition, the non-IFRS financial measures presented by the Company may not be comparable to similarly titled measures reported by other companies due to differences in the way these measures are calculated.

Adjusted EBITDA is a non-IFRS financial measure which we define as net income (loss) adjusted to exclude financial expenses (income), net, income taxes, depreciation and amortization in order to reach EBITDA, and further adjusted, as applicable, to exclude impairment of assets, non-cash charter hire expenses, capital gains (losses) beyond the ordinary course of business and expenses related to legal contingencies.

Adjusted EBIT is a non-IFRS financial measure which we define as net income (loss) adjusted to exclude financial expenses (income), net and income taxes, in order to reach our results from operating activities, or EBIT, and further adjusted, as applicable, to exclude impairment of assets, non-cash charter hire expenses, capital gains (losses) beyond the ordinary course of business and expenses related to legal contingencies.

Free cash flow is a non-IFRS financial measure which we define as net cash generated from operating activities minus capital expenditures, net.

Net debt is a non-IFRS financial measure which we define as face value of short- and long-term debt, minus cash and cash equivalents, bank deposits and other investment instruments. We refer to this measure as net cash when cash and cash equivalents, bank deposits and other investment instruments exceed the face value of short- and long-term debt.

Net leverage ratio is a non-IFRS financial measure which we define as net debt (see above) divided by Adjusted EBITDA for the last twelve-month period. When our net debt is less than zero, we report the net leverage ratio as zero.

See the reconciliation of net income to Adjusted EBIT and Adjusted EBITDA and net cash generated from operating activities to free cash flow in the tables provided below.

Investor Relations:

Elana Holzman
ZIM Integrated Shipping Services Ltd.
+972-4-865-2300
holzman.elana@zim.com

Leon Berman
The IGB Group
212-477-8438
lberman@igbir.com

Media:

Avner Shats
ZIM Integrated Shipping Services Ltd.
+972-4-865-2520
shats.avner@zim.com

CONSOLIDATED BALANCE SHEET (Unaudited)
(U.S. dollars in millions)

	June 30				December 31
	2024		2023		2023

Assets
Vessels		4,917.2		5,005.4		3,758.9
Containers and handling equipment		906.7		1,209.8		792.9
Other tangible assets		91.8		124.3		85.2
Intangible assets		105.7		98.1		102.0
Investments in associates		28.4		29.3		26.4
Other investments		772.0		1,354.2		908.7
Other receivables		76.6		111.6		97.9
Deferred tax assets		2.5		2.5		2.6
Total non-current assets		6,900.9		7,935.2		5,774.6

Inventories		187.7		174.1		179.3
Trade and other receivables		1,030.9		671.0		596.5
Other investments		699.1		863.0		874.1
Cash and cash equivalents		889.8		1,040.3		921.5
Total current assets		2,807.5		2,748.4		2,571.4
Total assets		9,708.4		10,683.6		8,346.0

Equity
Share capital and reserves		2,016.7		1,994.8		2,017.5
Retained earnings		872.4		2,858.3		437.2
Equity attributable to owners of the Company		2,889.1		4,853.1		2,454.7
Non-controlling interests		2.4		2.0		3.3
Total equity		2,891.5		4,855.1		2,458.0

Liabilities
Lease liabilities		4,000.1		3,230.4		3,244.1
Loans and other liabilities		65.2		83.0		73.6
Employee benefits		42.5		42.4		46.1
Deferred tax liabilities		5.7		79.0		6.1
Total non-current liabilities		4,113.5		3,434.8		3,369.9

Trade and other payables		610.3		561.8		566.4
Provisions		87.9		53.4		60.7
Contract liabilities		475.1		208.4		198.1
Lease liabilities		1,481.9		1,522.1		1,644.7
Loans and other liabilities		48.2		48.0		48.2
Total current liabilities		2,703.4		2,393.7		2,518.1
Total liabilities		6,816.9		5,828.5		5,888.0
Total equity and liabilities		9,708.4		10,683.6		8,346.0

CONSOLIDATED INCOME STATEMENTS (Unaudited)
(U.S. dollars in millions, except per share data)

	Six months ended June 30						Three months ended June 30						Year ended December 31
	2024			2023			2024			2023			2023

Income from voyages and related services		3,494.6			2,683.9			1,932.6			1,309.6			5,162.2
Cost of voyages and related services
Operating expenses and cost of services		(2,214.1	)		(1,913.6	)		(1,133.3	)		(973.9	)		(3,885.1	)
Depreciation		(532.8	)		(795.4	)		(275.1	)		(414.9	)		(1,449.8	)
Impairment of assets														(2,034.9	)
Gross profit (loss)		747.7			(25.1	)		524.2			(79.2	)		(2,207.6	)

Other operating income		25.6			1.9			19.6			(8.2	)		14.4
Other operating expenses		(0.6	)		(10.1	)		(0.6	)		(6.5	)		(29.3	)
General and administrative expenses		(133.8	)		(145.5	)		(73.0	)		(71.4	)		(280.7	)
Share of loss of associates		(4.0	)		(2.9	)		(1.9	)		(2.5	)		(7.8	)

Results from operating activities		634.9			(181.7	)		468.3			(167.8	)		(2,511.0	)

Finance income		61.2			82.1			22.5			37.7			142.2
Finance expenses		(224.9	)		(237.2	)		(115.9	)		(142.0	)		(446.7	)

Net finance expenses		(163.7	)		(155.1	)		(93.4	)		(104.3	)		(304.5	)

Profit (loss) before income taxes		471.2			(336.8	)		374.9			(272.1	)		(2,815.5	)

Income taxes		(6.3	)		66.0			(2.1	)		59.4			127.6

Profit (loss) for the period		464.9			(270.8	)		372.8			(212.7	)		(2,687.9	)

Attributable to:
Owners of the Company		461.6			(274.6	)		371.3			(215.1	)		(2,695.6	)
Non-controlling interests		3.3			3.8			1.5			2.4			7.7
Profit (loss) for the period		464.9			(270.8	)		372.8			(212.7	)		(2,687.9	)

Earnings (loss) per share (US$)
Basic earnings (loss) per 1 ordinary share		3.84			(2.29	)		3.08			(1.79	)		(22.42	)
Diluted earnings (loss) per 1 ordinary share		3.83			(2.29	)		3.08			(1.79	)		(22.42	)

Weighted average number of shares for earnings (loss) per share calculation:
Basic		120,324,186			120,182,399			120,341,086			120,195,365			120,213,031
Diluted		120,454,311			120,182,399			120,456,342			120,195,365			120,213,031

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(U.S. dollars in millions)

	Six months ended June 30						Three months ended June 30						Year ended December 31
	2024			2023			2024			2023			2023

Cash flows from operating activities
Profit (loss) for the period		464.9			(270.8	)		372.8			(212.7	)		(2,687.9	)

Adjustments for:
Depreciation and amortization		538.6			808.7			278.0			421.5			1,471.8
Impairment loss														2,063.4
Net finance expenses		163.7			155.1			93.4			104.3			304.5
Share of losses and change in fair value of investees		4.0			2.2			1.9			1.8			6.5
Capital loss (gain), net		(25.5	)		7.4			(19.5	)		17.2			(10.9	)
Income taxes		6.3			(66.0	)		2.1			(59.4	)		(127.6	)
Other non-cash items		3.0			9.7			1.5			3.4			18.9
		1,155.0			646.3			730.2			276.1			1,038.7

Change in inventories		(8.4	)		16.6			9.6			15.0			11.4
Change in trade and other receivables		(447.0	)		176.9			(210.8	)		33.7			242.7
Change in trade and other payables including contract liabilities		331.8			(95.9	)		198.5			(4.2	)		(95.1	)
Change in provisions and employee benefits		27.3			2.9			24.1			1.5			15.9
		(96.3	)		100.5			21.4			46.0			174.9

Dividends received from associates		1.2			1.5						1.4			2.3
Interest received		39.8			88.0			17.8			38.5			133.8
Income taxes received (paid)		3.2			(316.1	)		7.4			(15.4	)		(329.7	)

Net cash generated from operating activities		1,102.9			520.2			776.8			346.6			1,020.0

Cash flows from investing activities
Proceeds from sale of tangible assets, intangible assets and interest in investees		3.2			17.7			1.7			5.5			27.4
Acquisition and capitalized expenditures of tangible assets, intangible assets and interest in investees		(90.8	)		(61.5	)		(66.4	)		(25.6	)		(115.7	)
Proceeds from sale (acquisition) of investment instruments, net		315.1			(583.4	)		116.1			(422.3	)		(138.2	)
Loans granted to investees		(2.8	)		(1.7	)		(1.6	)					(5.4	)
Change in other receivables		15.4			(14.0	)		7.7			(5.8	)		3.2
Change in other investments (mainly deposits), net					1,982.7			(1.1	)		581.8			2,005.2
Net cash generated from investing activities		240.1			1,339.8			56.4			133.6			1,776.5

Cash flows from financing activities
Repayment of lease liabilities and borrowings		(1,117.0	)		(861.4	)		(480.3	)		(466.4	)		(1,713.1	)
Change in short term loans					(21.0	)								(21.0	)
Dividend paid to non-controlling interests		(3.7	)		(7.5	)		(3.3	)		(0.6	)		(8.9	)
Dividend paid to owners of the Company		(27.7	)		(769.2	)		(27.7	)		(769.2	)		(769.2	)
Interest paid		(221.6	)		(182.7	)		(117.9	)		(95.9	)		(380.7	)
Net cash used in financing activities		(1,370.0	)		(1,841.8	)		(629.2	)		(1,332.1	)		(2,892.9	)

Net change in cash and cash equivalents		(27.0	)		18.2			204.0			(851.9	)		(96.4	)
Cash and cash equivalents at beginning of the period		921.5			1,022.1			687.9			1,892.6			1,022.1
Effect of exchange rate fluctuation on cash held		(4.7	)		0.0			(2.1	)		(0.4	)		(4.2	)
Cash and cash equivalents at the end of the period		889.8			1,040.3			889.8			1,040.3			921.5

RECONCILIATION OF NET INCOME TO ADJUSTED EBIT*
(U.S. dollars in millions)

	Six months ended June 30						Three months ended June 30
	2024			2023			2024			2023

Net income (loss)		465			(271	)		373			(213	)
Financial expenses, net		164			155			93			104
Income taxes		6			(66	)		2			(59	)
Operating income (EBIT)		635			(182	)		468			(168	)
Non-cash charter hire expenses		0			1			0			0
Capital loss (gain), beyond the ordinary course of business		0			21			0			21
Expenses related to legal contingencies		20			0			20			0
Adjusted EBIT		655			(160	)		488			(147	)
Adjusted EBIT margin		19	%		(6	)%		25	%		(11	)%

* The table above may contain slight summation differences due to rounding.

RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA*
(U.S. dollars in millions)

	Six months ended June 30						Three months ended June 30
	2024			2023			2024			2023

Net income (loss)		465			(271	)		373			(213	)
Financial expenses, net		164			155			93			104
Income taxes		6			(66	)		2			(59	)
Depreciation and amortization		539			809			278			422
EBITDA		1,173			627			746			254
Capital loss (gain), beyond the ordinary course of business		0			21			0			21
Expenses related to legal contingencies		20			0			20			0
Adjusted EBITDA		1,193			648			766			275
Net income (loss) margin		13	%		(10	)%		19	%		(16	)%
Adjusted EBITDA margin		34	%		24	%		40	%		21	%

* The table above may contain slight summation differences due to rounding.

RECONCILIATION OF NET CASH GENERATED FROM OPERATING ACTIVITIES TO FREE CASH FLOW
(U.S. dollars in millions)

	Six months ended June 30						Three months ended June 30
	2024			2023			2024			2023

Net cash generated from operating activities		1,103			520			777			347
Capital expenditures, net		(88	)		(57	)		(65	)		(26	)
Free cash flow		1,015			463			712			321

Exhibit 99.2

ZIM INTEGRATED SHIPPING SERVICES LTD.

CONDENSED CONSOLIDATED UNAUDITED INTERIM

FINANCIAL STATEMENTS

JUNE 30, 2024

ZIM INTEGRATED SHIPPING SERVICES LTD.

INDEX TO CONDENSED CONSOLIDATED UNAUDITED INTERIM FINANCIAL STATEMENTS

Page

FINANCIAL STATEMENTS:

Condensed consolidated unaudited interim Statements of Financial Position	3

Condensed consolidated unaudited interim Income Statements	4

Condensed consolidated unaudited interim Statements of Comprehensive Income	5

Condensed consolidated unaudited interim Statements of Changes in Equity	6-7

Condensed consolidated unaudited interim Statements of Cash Flows	8-9

Notes to the condensed consolidated unaudited interim Financial Statements	10-17

ZIM INTEGRATED SHIPPING SERVICES LTD.

CONDENSED CONSOLIDATED UNAUDITED INTERIM STATEMENTS OF FINANCIAL POSITION

		June 30				December 31
		2024		2023		2023
	Note	US $ in millions
Assets
Vessels	6		4,917.2		5,005.4		3,758.9
Containers and handling equipment	6		906.7		1,209.8		792.9
Other tangible assets	6		91.8		124.3		85.2
Intangible assets			105.7		98.1		102.0
Investments in associates			28.4		29.3		26.4
Other investments			772.0		1,354.2		908.7
Other receivables			76.6		111.6		97.9
Deferred tax assets			2.5		2.5		2.6
Total non-current assets			6,900.9		7,935.2		5,774.6

Inventories			187.7		174.1		179.3
Trade and other receivables			1,030.9		671.0		596.5
Other investments			699.1		863.0		874.1
Cash and cash equivalents			889.8		1,040.3		921.5
Total current assets			2,807.5		2,748.4		2,571.4
Total assets			9,708.4		10,683.6		8,346.0

Equity
Share capital and reserves	5		2,016.7		1,994.8		2,017.5
Retained earnings			872.4		2,858.3		437.2
Equity attributable to owners of the Company			2,889.1		4,853.1		2,454.7
Non-controlling interests			2.4		2.0		3.3
Total equity			2,891.5		4,855.1		2,458.0

Liabilities
Lease liabilities			4,000.1		3,230.4		3,244.1
Loans and other liabilities			65.2		83.0		73.6
Employee benefits			42.5		42.4		46.1
Deferred tax liabilities			5.7		79.0		6.1
Total non-current liabilities			4,113.5		3,434.8		3,369.9

Trade and other payables			610.3		561.8		566.4
Provisions			87.9		53.4		60.7
Contract liabilities			475.1		208.4		198.1
Lease liabilities			1,481.9		1,522.1		1,644.7
Loans and other liabilities			48.2		48.0		48.2
Total current liabilities			2,703.4		2,393.7		2,518.1
Total liabilities			6,816.9		5,828.5		5,888.0
Total equity and liabilities			9,708.4		10,683.6		8,346.0

/s/ Yair Seroussi	/s/ Eli Glickman	/s/ Xavier Destriau
Yair Seroussi	Eli Glickman	Xavier Destriau
Chairman of the Board of Directors	President & Chief Executive Officer	Chief Financial Officer

Date of approval of the Financial Statements: August 19, 2024.

The accompanying Notes are an integral part of these condensed consolidated unaudited interim Financial Statements.

ZIM INTEGRATED SHIPPING SERVICES LTD.

CONDENSED CONSOLIDATED UNAUDITED INTERIM INCOME STATEMENTS

		Six months ended June 30						Three months ended June 30						Year ended December 31
		2024			2023			2024			2023			2023
	Note	US $ in millions

Income from voyages and related services	7		3,494.6			2,683.9			1,932.6			1,309.6			5,162.2
Cost of voyages and related services
Operating expenses and cost of services	8		(2,214.1	)		(1,913.6	)		(1,133.3	)		(973.9	)		(3,885.1	)
Depreciation			(532.8	)		(795.4	)		(275.1	)		(414.9	)		(1,449.8	)
Impairment of assets															(2,034.9	)
Gross profit (loss)			747.7			(25.1	)		524.2			(79.2	)		(2,207.6	)

Other operating income			25.6			1.9			19.6			(8.2	)		14.4
Other operating expenses			(0.6	)		(10.1	)		(0.6	)		(6.5	)		(29.3	)
General and administrative expenses			(133.8	)		(145.5	)		(73.0	)		(71.4	)		(280.7	)
Share of loss of associates			(4.0	)		(2.9	)		(1.9	)		(2.5	)		(7.8	)

Results from operating activities			634.9			(181.7	)		468.3			(167.8	)		(2,511.0	)

Finance income			61.2			82.1			22.5			37.7			142.2
Finance expenses			(224.9	)		(237.2	)		(115.9	)		(142.0	)		(446.7	)

Net finance expenses			(163.7	)		(155.1	)		(93.4	)		(104.3	)		(304.5	)

Profit (loss) before income taxes			471.2			(336.8	)		374.9			(272.1	)		(2,815.5	)

Income taxes			(6.3	)		66.0			(2.1	)		59.4			127.6

Profit (loss) for the period			464.9			(270.8	)		372.8			(212.7	)		(2,687.9	)

Attributable to:
Owners of the Company			461.6			(274.6	)		371.3			(215.1	)		(2,695.6	)
Non-controlling interests			3.3			3.8			1.5			2.4			7.7
Profit (loss) for the period			464.9			(270.8	)		372.8			(212.7	)		(2,687.9	)

Earnings (loss) per share (US$)
Basic earnings (loss) per 1 ordinary share	10		3.84			(2.29	)		3.08			(1.79	)		(22.42	)
Diluted earnings (loss) per 1 ordinary share	10		3.83			(2.29	)		3.08			(1.79	)		(22.42	)

The accompanying Notes are an integral part of these condensed consolidated unaudited interim Financial Statements.

ZIM INTEGRATED SHIPPING SERVICES LTD.

CONDENSED CONSOLIDATED UNAUDITED INTERIM STATEMENTS OF COMPREHENSIVE INCOME

	Six months ended June 30						Three months ended June 30						Year ended December 31
	2024			2023			2024			2023			2023
	US $ in millions

Profit (loss) for the period		464.9			(270.8	)		372.8			(212.7	)		(2,687.9	)

Other components of comprehensive income

Items of other comprehensive income that were or will be reclassified to profit or loss

Foreign currency translation differences for foreign operations		(2.8	)		(5.7	)		(0.2	)		(6.6	)		(9.1	)

Net change in fair value of investments in debt instruments at fair value through other comprehensive income, net of tax		(4.7	)		(6.1	)		0.2			(14.1	)		4.4

Reclassification of investments in debt instruments at fair value through other comprehensive income to profit or loss		0.6			5.6			0.2			2.4			13.6

Items of other comprehensive income that would never be reclassified to profit or loss

Net change in fair value of investments in equity instruments at fair value through other comprehensive income, net of tax		(0.2	)		1.6						0.2			1.5

Defined benefit pension plans actuarial gains, net of tax		1.3			0.2			1.4			(0.5	)		0.1

Other comprehensive income for the period, net of tax		(5.8	)		(4.4	)		1.6			(18.6	)		10.5

Total comprehensive income for the period		459.1			(275.2	)		374.4			(231.3	)		(2,677.4	)

Attributable to:
Owners of the Company		456.3			(278.4	)		372.8			(232.8	)		(2,683.3	)
Non-controlling interests		2.8			3.2			1.6			1.5			5.9

Total comprehensive income for the period		459.1			(275.2	)		374.4			(231.3	)		(2,677.4	)

The accompanying Notes are an integral part of these condensed consolidated unaudited interim Financial Statements.

ZIM INTEGRATED SHIPPING SERVICES LTD.

CONDENSED CONSOLIDATED UNAUDITED INTERIM STATEMENTS OF CHANGES IN EQUITY

	Attribute to the owners of the Company
	Share capital		General reserves (*)			Translation reserve			Retained earnings			Total			Non-controlling interests			Total equity
	Share capital		General reserves (*)			Translation reserve			Retained earnings			Total			Non-controlling interests			Total equity
	US $ in millions
For the six months period ended June 30, 2024
Balance at January 1, 2024		926.6		1,133.7			(42.8	)		437.2			2,454.7			3.3			2,458.0
Profit for the period										461.6			461.6			3.3			464.9
Other comprehensive income for the period, net of tax				(4.3	)		(2.3	)		1.3			(5.3	)		(0.5	)		(5.8	)
Share-based compensation				5.8									5.8						5.8
Exercise of options		0.4		(0.4	)
Dividend to owners of the Company										(27.7	)		(27.7	)					(27.7	)
Dividend to non-controlling interests in subsidiaries																(3.7	)		(3.7	)
Balance at June 30, 2024		927.0		1,134.8			(45.1	)		872.4			2,889.1			2.4			2,891.5

For the three months period ended June 30, 2024
Balance at April 1, 2024		926.8		1,131.9			(44.8	)		527.4			2,541.3			4.1			2,545.4
Profit for the period										371.3			371.3			1.5			372.8
Other comprehensive income for the period, net of tax				0.4			(0.3	)		1.4			1.5			0.1			1.6
Share-based compensation				2.7									2.7						2.7
Exercise of options		0.2		(0.2	)
Dividend to owners of the Company										(27.7	)		(27.7	)					(27.7	)
Dividend to non-controlling interests in subsidiaries																(3.3	)		(3.3	)
Balance at June 30, 2024		927.0		1,134.8			(45.1	)		872.4			2,889.1			2.4			2,891.5

(*) Include reserves related to share-based compensation, changes in fair value of investment instruments and transactions with an interested party.

The accompanying Notes are an integral part of these condensed consolidated unaudited interim Financial Statements.

ZIM INTEGRATED SHIPPING SERVICES LTD.

CONDENSED CONSOLIDATED UNAUDITED INTERIM STATEMENTS OF CHANGES IN EQUITY

	Attribute to the owners of the Company
	Share capital		General reserves (*)			Translation reserve			Retained earnings			Total			Non-controlling interests			Total equity
	Share capital		General reserves (*)			Translation reserve			Retained earnings			Total			Non-controlling interests			Total equity
	US $ in millions
For the six months period ended June 30, 2023
Balance at January 1, 2023		925.9		1,097.3			(35.5	)		3,901.9			5,889.6			6.3			5,895.9
Loss for the period										(274.6	)		(274.6	)		3.8			(270.8	)
Other comprehensive income for the period, net of tax				1.1			(5.1	)		0.2			(3.8	)		(0.6	)		(4.4	)
Share-based compensation				11.1									11.1						11.1
Exercise of options		0.4		(0.4	)
Dividend to owners of the Company										(769.2	)		(769.2	)					(769.2	)
Dividend to non-controlling interests in subsidiaries																(7.5	)		(7.5	)
Balance at June 30, 2023		926.3		1,109.1			(40.6	)		2,858.3			4,853.1			2.0			4,855.1

For the three months period ended June 30, 2023
Balance at April 1, 2023		926.1		1,116.6			(34.8	)		3,073.8			5,081.7			1.1			5,082.8
Loss for the period										(215.1	)		(215.1	)		2.4			(212.7	)
Other comprehensive income for the period, net of tax				(11.5	)		(5.8	)		(0.4	)		(17.7	)		(0.9	)		(18.6	)
Share-based compensation				4.2									4.2						4.2
Exercise of options		0.2		(0.2	)
Dividend to non-controlling interests in subsidiaries																(0.6	)		(0.6	)
Balance at June 30, 2023		926.3		1,109.1			(40.6	)		2,858.3			4,853.1			2.0			4,855.1

For the year ended December 31, 2023
Balance at January 1, 2023		925.9		1,097.3			(35.5	)		3,901.9			5,889.6			6.3			5,895.9
Loss for the year										(2,695.6	)		(2,695.6	)		7.7			(2,687.9	)
Other comprehensive income for the year, net of tax				19.5			(7.3	)		0.1			12.3			(1.8	)		10.5
Share-based compensation				17.6									17.6						17.6
Exercise of options		0.7		(0.7	)
Dividend to owners of the Company										(769.2	)		(769.2	)					(769.2	)
Dividend to non-controlling interests in subsidiaries																(8.9	)		(8.9	)
Balance at December 31, 2023		926.6		1,133.7			(42.8	)		437.2			2,454.7			3.3			2,458.0

(*) Include reserves related to share-based compensation, changes in fair value of investment instruments and transactions with an interested party.

The accompanying Notes are an integral part of these condensed consolidated unaudited interim Financial Statements.

ZIM INTEGRATED SHIPPING SERVICES LTD.

CONDENSED CONSOLIDATED UNAUDITED INTERIM STATEMENTS OF CASH FLOWS

	Six months ended						Three months ended						Year ended
	June 30						June 30						December 31
	2024			2023			2024			2023			2023
	US $ in millions

Cash flows from operating activities
Profit (loss) for the period		464.9			(270.8	)		372.8			(212.7	)		(2,687.9	)

Adjustments for:
Depreciation and amortization		538.6			808.7			278.0			421.5			1,471.8
Impairment loss														2,063.4
Net finance expenses		163.7			155.1			93.4			104.3			304.5
Share of losses and change in fair value of investees		4.0			2.2			1.9			1.8			6.5
Capital loss (gain), net		(25.5	)		7.4			(19.5	)		17.2			(10.9	)
Income taxes		6.3			(66.0	)		2.1			(59.4	)		(127.6	)
Other non-cash items		3.0			9.7			1.5			3.4			18.9
		1,155.0			646.3			730.2			276.1			1,038.7


Change in inventories		(8.4	)		16.6			9.6			15.0			11.4
Change in trade and other receivables		(447.0	)		176.9			(210.8	)		33.7			242.7
Change in trade and other payables including contract
liabilities		331.8			(95.9	)		198.5			(4.2	)		(95.1	)
Change in provisions and employee benefits		27.3			2.9			24.1			1.5			15.9
		(96.3	)		100.5			21.4			46.0			174.9

Dividends received from associates		1.2			1.5						1.4			2.3
Interest received		39.8			88.0			17.8			38.5			133.8
Income taxes received (paid)		3.2			(316.1	)		7.4			(15.4	)		(329.7	)

Net cash generated from operating activities		1,102.9			520.2			776.8			346.6			1,020.0

Cash flows from investing activities
Proceeds from sale of tangible assets, intangible assets,
and interest in investees		3.2			17.7			1.7			5.5			27.4
Acquisition and capitalized expenditures of tangible assets, intangible assets and interest in investees		(90.8	)		(61.5	)		(66.4	)		(25.6	)		(115.7	)
Proceeds from sale (acquisition) of investment instruments, net		315.1			(583.4	)		116.1			(422.3	)		(138.2	)
Loans granted to investees		(2.8	)		(1.7	)		(1.6	)					(5.4	)
Change in other receivables		15.4			(14.0	)		7.7			(5.8	)		3.2
Change in other investments (mainly deposits), net					1,982.7			(1.1	)		581.8			2,005.2
Net cash generated from investing activities		240.1			1,339.8			56.4			133.6			1,776.5

The accompanying Notes are an integral part of these condensed consolidated unaudited interim Financial Statements.

ZIM INTEGRATED SHIPPING SERVICES LTD.

CONDENSED CONSOLIDATED UNAUDITED INTERIM STATEMENTS OF CASH FLOWS

	Six months ended						Three months ended						Year ended
	June 30						June 30						December 31
	2024			2023			2024			2023			2023
	US $ in millions

Cash flows from financing activities
Repayment of lease liabilities and borrowings		(1,117.0	)		(861.4	)		(480.3	)		(466.4	)		(1,713.1	)
Change in short term loans					(21.0	)								(21.0	)
Dividend paid to non-controlling interests		(3.7	)		(7.5	)		(3.3	)		(0.6	)		(8.9	)
Dividend paid to owners of the Company		(27.7	)		(769.2	)		(27.7	)		(769.2	)		(769.2	)
Interest paid		(221.6	)		(182.7	)		(117.9	)		(95.9	)		(380.7	)
Net cash used in financing activities		(1,370.0	)		(1,841.8	)		(629.2	)		(1,332.1	)		(2,892.9	)

Net change in cash and cash equivalents		(27.0	)		18.2			204.0			(851.9	)		(96.4	)
Cash and cash equivalents at beginning of the period		921.5			1,022.1			687.9			1,892.6			1,022.1
Effect of exchange rate fluctuation on cash held		(4.7	)		0.0			(2.1	)		(0.4	)		(4.2	)
Cash and cash equivalents at the end of the period		889.8			1,040.3			889.8			1,040.3			921.5

The accompanying Notes are an integral part of these condensed consolidated unaudited interim Financial Statements.

ZIM INTEGRATED SHIPPING SERVICES LTD.

NOTES TO THE CONDENSED CONSOLIDATED UNAUDITED INTERIM FINANCIAL STATEMENTS

Reporting entity

ZIM Integrated Shipping Services Ltd. (hereinafter - the "Company" or "ZIM") and its subsidiaries (hereinafter – "the Group" or "the Companies") and the Group’s interests in associates, operate in the field of cargo shipping and related services.

ZIM is a company incorporated in Israel, with limited liability. ZIM’s ordinary shares have been listed on the New York Stock Exchange (the “NYSE”) under the symbol “ZIM” on January 28, 2021. The address of the Company’s registered office is 9 Andrei Sakharov Street, Haifa, Israel.

Basis of compliance

(a)

Statement of compliance

These condensed consolidated unaudited interim Financial Statements have been prepared in accordance with IAS 34 Interim Financial Reporting. They do not include all of the information required for annual Financial Statements and should be read in conjunction with the consolidated Financial Statements of the Company as at and for the year ended December 31, 2023 (hereafter – the “annual Financial Statements”). These condensed consolidated unaudited interim Financial Statements were approved by the Board of Directors on August 19, 2024.

(b)

Estimates

The preparation of Financial Statements in conformity with IFRSs requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The significant judgments made by management in applying the Group’s accounting policies and the principal assumptions used in the estimation of uncertainty were the same as those applied in the annual Financial Statements.

Material accounting policies

(a)

The material accounting policies applied by the Group in these unaudited condensed consolidated interim Financial Statements are the same as those applied by the Group in its annual Financial Statements.

(b)

Accounting standards issued not yet adopted

IFRS 18, Presentation and disclosure in financial statements

In April 2024, the IASB issued IFRS 18 which will replace IAS 1, Presentation of financial statements. The new standard introduces new presentation and disclosure requirements, including a more structured presentation of the income statement, in which all income and expense items will be allocated to new distinct activity categories of operating, investing, financing, income taxes and discontinued operations, based on the main business activities as specified by each entity.

ZIM INTEGRATED SHIPPING SERVICES LTD.

NOTES TO THE CONDENSED CONSOLIDATED UNAUDITED INTERIM FINANCIAL STATEMENTS

Material accounting policies (cont’d)

(b)

Accounting standards issued not yet adopted (cont’d)

In addition, entities will be required to include in their Financial Statements certain management-defined performance measures (often referred to as Non-GAAP measures). The standard is effective retrospectively for annual periods beginning on or after January 1, 2027, with early adoption permitted. The Group is currently assessing the expected effect of the new requirements.

Amendments to IFRS 9 and IFRS 7 (Financial Instruments)

In May 2024, the IASB issued amendments to IFRS 9 (Financial instruments) and IFRS 7 (Financial instruments – Disclosures). The amendments provide clarifications for the timing of recognition and derecognition of financial assets and liabilities, as well as for the classification of financial assets with contingent features. The amendments also add certain disclosure requirements for certain financial assets. The amendments are effective for annual periods beginning on or after January 1, 2026, with early adoption permitted. The Group is currently assessing the expected effect of these amendments.

Financial position

(a)

The container shipping industry continues to be impacted by the supply and demand dynamics, as well as by uncertainties in the global trade, including the continuing disruption in the Red Sea, the implications of the ongoing military conflict between Russia and Ukraine, the inflation and elevated interest rates in certain countries, the trade limitations between the US and China and other geopolitical challenges. Those, among other things, contribute to the continuing volatility in freight rates, charter rates and bunker prices.

As of today, the war situation in Israel, which started in October 2023, has had no material impact on the Company’s head-office activities. However, those may be subject to temporary disruptions if this situation was to further escalate.

Since December 2023, many ocean carriers including the Company, paused their activities in the Red Sea, following attacks made against commercial vessels by armed organizations in Yemen. The Company continues to call ports in the Mediterranean Sea, as well as to operate services which previously crossed the Suez-canal, by re-routing its vessels around Africa. This disruption results in the extension of voyages duration, as well as leading to an increase in demand for vessel capacity, as additional vessels are operated in order to maintain the same frequency of services.

Further to the above, following decreases observed during 2022 and most of 2023, freight rates have increased towards the end of the fourth quarter of 2023 and continued to further increase during the first half of 2024.

In view of the aforementioned business environment and in order to constantly improve the Group’s results of operations and liquidity position, Management continues to optimize its network by considering, and when appropriate, implementing structural changes, participating in partnerships and cooperation agreements and by upgrading its customer’s offerings, whilst seeking operational excellence and cost efficiencies.

ZIM INTEGRATED SHIPPING SERVICES LTD.

NOTES TO THE CONDENSED CONSOLIDATED UNAUDITED INTERIM FINANCIAL STATEMENTS

Financial position (cont’d)

(b)

Charter agreements:

Further to the Company’s long-term agreements for the charter of new-build vessels, including 28 liquefied natural gas (LNG) dual-fuel vessels, as of today, 38 of such vessels have been delivered to the Company. Additional vessels related to these agreements are scheduled to be delivered to the Company in the course of 2024 (see also Note 26 to the Company’s annual Financial Statements).

In February 2024, the Company paid a total amount of approximately US$ 130 million for the exercise of a purchase option in respect of five chartered vessels.

(c)

In July 2024, the Company received a notice from the Federal Maritime Commission (FMC), requesting the Company to provide certain information regarding its demurrage and detention practices vis-à-vis a number of its customers during the period of 2023 and through today. The Company is assessing this request for information, and at this preliminary stage is unable to assess its potential consequences, if any.

(d)

Dividends:

In June 2024, further to the approval of the Company’s Board of Directors, the Company distributed dividends in amounts of US$ 28 million, reflecting US$ 0.23 per ordinary share.

In August 2024, in accordance with the Company’s dividend policy, the Company’s Board of Directors approved a dividend distribution of approximately US$ 0.93 per ordinary share (or approximately US$ 112 million, considering the number of ordinary shares outstanding as of June 30, 2024). The dividend is scheduled to be paid on September 5, 2024, to all holders of ordinary shares on record as of August 29, 2024.

ZIM INTEGRATED SHIPPING SERVICES LTD.

NOTES TO THE CONDENSED CONSOLIDATED UNAUDITED INTERIM FINANCIAL STATEMENTS

5	Capital and reserves

Share-Based Payment Arrangements

During the reported period, the Board of Directors approved grants of share options to officers and employees, as detailed below:

Grant date	Number of instruments	Instrument terms	Vesting terms	Contractual life

March 2024	43,160	Each option is exercisable into one ordinary share on a cash-less basis.	These options shall vest upon the first, second, third and fourth anniversary, in four equal instalments of 25% each.	5 years

Information on fair value measurement

The weighted average fair value of the options granted, measured using the Black & Scholes model and the related measurement inputs used, were as below:

Fair Value	USD 4.94
Share price on grant date	USD 10.99
Exercise price	USD 12.48
Expected volatility	50.5%
Expected life	5 years
Expected dividends (*)	0%
Risk-free interest rate	4.1%

(*) Options’ exercise price is adjusted in respect of dividend distributions.

During the six and three months period ended June 30, 2024, a total of 68,353 and 34,176 ordinary shares were issued, respectively, upon the cashless exercise of options, previously granted in respect of share-based payment arrangements.

During the three months period ended June 30, 2024 and 2023, the Company recorded expenses related to share-based compensation arrangements of US$ 2.7 million and US$ 4.2 million, respectively. During the six months period ended June 30, 2024 and 2023 and year ended December 31, 2023, the Company recorded expenses related to share-based compensation arrangements of US$ 5.8 million, US$ 11.1 million and US$ 17.6 million, respectively.

ZIM INTEGRATED SHIPPING SERVICES LTD.

NOTES TO THE CONDENSED CONSOLIDATED UNAUDITED INTERIM FINANCIAL STATEMENTS

Right-of-use assets

	Balance at June 30				Balance at December 31
	2024		2023		2023
	US $ in millions

Vessels		4,427.6		4,703.9		3,613.3
Containers and handling equipment		348.3		342.8		283.5
Other tangible assets		45.9		80.7		49.2
		4,821.8		5,127.4		3,946.0

Income from voyages and related services

	Six months ended June 30				Three months ended June 30				Year ended December 31
	2024		2023		2024		2023		2023
	US $ in millions
Freight revenues from containerized cargo:
Pacific		1,506.4		881.0		897.1		452.4		1,779.1
Cross-Suez		377.8		322.5		192.8		151.7		491.3
Atlantic		321.3		378.0		156.6		161.4		636.3
Intra-Asia		287.4		319.4		164.5		158.3		616.6
Latin America		330.2		194.7		182.9		102.8		425.0
		2,823.1		2,095.6		1,593.9		1,026.6		3,948.3

Freight revenues from non-containerized cargo (mostly related to vehicle shipping services)		239.4		241.5		128.2		135.8		534.5

Other revenues (*)		432.1		346.8		210.5		147.2		679.4
		3,494.6		2,683.9		1,932.6		1,309.6		5,162.2

(*) Mainly demurrage, related services and other value-added services.

ZIM INTEGRATED SHIPPING SERVICES LTD.

NOTES TO THE CONDENSED CONSOLIDATED UNAUDITED INTERIM FINANCIAL STATEMENTS

Operating expenses and cost of services

	Six months ended June 30				Three months ended June 30				Year ended December 31
	2024		2023		2024		2023		2023
	US $ in millions
Wages, maintenance and other
vessel-operating costs		17.4		17.1		9.2		8.7		31.8
Expenses relating to fleet equipment
(mainly containers and chassis)		18.9		15.6		9.4		7.7		31.5
Bunker and lubricants		629.5		553.8		322.2		281.4		1,098.8
Insurance		17.4		9.9		9.7		5.3		21.5
Expenses related to cargo handling		961.1		843.3		503.3		424.2		1,671.4
Port expenses		228.4		237.2		115.6		137.5		500.7
Agents’ salaries and commissions		113.5		104.5		63.6		53.8		209.5
Cost of related services and sundry		173.3		89.5		82.9		32.4		216.9
Slot purchases and hire of vessels		39.2		30.1		10.2		17.0		79.4
Hire of containers		15.4		12.6		7.2		5.9		23.6
		2,214.1		1,913.6		1,133.3		973.9		3,885.1

Financial instruments

Financial instruments measured at fair value

	Balance at June 30,
	2024								2023
	US $ in millions
	Level 1		Level 3			Total			Level 1		Level 3			Total
Fair value through profit and loss
Cash and cash equivalents:
Money market instruments		458.8					458.8			418.0					418.0

Other investments:
Equity instruments				10.8			10.8					10.7			10.7

Loans and other liabilities:
Derivative instruments				(12.1	)		(12.1	)				(12.3	)		(12.3	)

Fair value through other comprehensive income
Other investments:
Sovereign bonds		560.3					560.3			1,122.4					1,122.4
Corporate bonds		881.0					881.0			1,034.5					1,034.5
Equity instruments		1.6					1.6			2.0					2.0

ZIM INTEGRATED SHIPPING SERVICES LTD.

NOTES TO THE CONDENSED CONSOLIDATED UNAUDITED INTERIM FINANCIAL STATEMENTS

Financial instruments (cont’d)

Financial instruments measured at fair value (cont’d)

	Balance at December 31,
	2023
	US $ in millions
	Level 1		Level 3			Total
Fair value through profit and loss
Cash and cash equivalents:
Money markets instruments		435.9					435.9

Other investments:
Equity instruments				10.7			10.7

Loans and other liabilities:
Derivative instruments				(11.5	)		(11.5	)

Fair value through other comprehensive income
Other investments:
Sovereign bonds		857.7					857.7
Corporate bonds		894.8					894.8
Equity instruments		1.9					1.9

Financial instruments not measured at fair value

The carrying amounts of the Group’s financial assets and liabilities, including cash and cash equivalents, trade and other receivables, other investments, trade and other payables and loans and other liabilities, reflect reasonable approximation of their fair value.

ZIM INTEGRATED SHIPPING SERVICES LTD.

NOTES TO THE CONDENSED CONSOLIDATED UNAUDITED INTERIM FINANCIAL STATEMENTS

Earnings (loss) per share

Basic and diluted earnings (loss) per share

	Six months ended June 30					Three months ended June 30					Year ended December 31
	2024		2023			2024		2023			2023
	US $ in millions
Profit (loss) attributable to ordinary shareholders used to calculate basic and diluted earnings per share (US $ in millions)		461.6		(274.6	)		371.3		(215.1	)		(2,695.6	)

Number of shares at the beginning of the period used to calculate basic earnings (loss) per share		120,286,629		120,149,921			120,320,806		120,184,098			120,149,921
Effect of share options		37,557		32,478			20,280		11,267			63,110

Weighted average number of ordinary shares used to calculate basic earnings (loss) per share		120,324,186		120,182,399			120,341,086		120,195,365			120,213,031

Effect of share options		130,125					115,256

Weighted average number of ordinary shares used to calculate diluted earnings (loss) per share		120,454,311		120,182,399			120,456,342		120,195,365			120,213,031

In the six and three months period ended June 30, 2024, options for 2,044,182 and 2,042,775 ordinary shares, granted to officers, directors and employees were excluded from the diluted weighted average number of ordinary shares calculation as their effect would have been anti-dilutive.

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ZIM ZIM Integrated Shipping Services Ltd